Tether and Guinea sign agreement to explore blockchain technology.

Guinea, a nation in Africa, signed an agreement with cryptocurrency stablecoin manufacturer Tether to explore the application of blockchain and peer-to-peer technology.

Tether, in a February 17 blog post, signed a memorandum of understanding (MOU) that "seeks to foster an environment for innovation and set the groundwork for the adoption of blockchain technologies by the nation."

With a focus on innovation, learning, and sustainable technology methods, the accord aims to share best practices with the West African nation, the firm added.

The blockchain firm operates Tether USDTUSD, the largest stablecoin by market size. In March last year, it signed an analogous agreement with the Central Asian nation's capital and cryptocurrency market regulator, Uzbekistan, in order to find out about blockchain, stablecoins and tokenization.

Building blockchain awareness and education via educational programs "throughout Guinea's public and private sectors to increase awareness, develop skills, and nurture local talent in digital technologies" is said to be an important aspect of the MOU, states Tether.

"We intend to collaborate with each other and implement efficient blockchain solutions that advance the public and private sectors, paving the way for economic growth and positioning Guinea as a global leader in tech innovation," said Paolo Ardoino, Tether CEO.

Guinea would like to provide "our youth with the tools they require to rise to world challenges and take advantage of digital opportunities," Djiba Diakité, Mamady Doumbouya's chief of staff, and the military officer who seized power in a coup in 2021, explained.

Tether added that it also hopes to assist Guinea's "Innovation City" initiative, which plans to create spaces for tech companies and research.

A December Consensys poll suggested that the developing nations of which several in Africa are part—the major users of cryptocurrency—increasingly accept the currency as their standard usage of currency to get payments on various digital markets is rapidly boosting.

84% of Nigerian residents and 66% of the population of South Africa have registered in their wallet, the data shows from this year, following which there had been 43% from US, it noted.

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